Why Bank of America Really Wants to Give Credit Cards to Illegals

This point (requires subscription; para break added by me) about B of A’s targeted population is an underappreciated element in the thought processes of the Bank executives involved in the decision:

HISPANICS’ CREDIT CARDS OFFER DOUBLE-EDGED SWORD

Hispanics are using credit cards more often and revolving balances at a higher rate than other consumers, according to a new report by a Hispanic civil rights and advocacy group, the National Council of La Raza. The report found that 56% of Hispanic households use credit cards, and that nearly 77% of Hispanics carry a balance on their credit cards, compared to 45% of all credit card users. Moreover, 19.3% of Hispanics describe their credit card debt situation as “burdensome and not enough money to pay down [the balance]” and 11.4% report that they are “maxed out and can’t use [their cards].”

The report’s author, Betriz Ibarra, tells CardLine that one of the major problems with the situation is that nearly 22% of Hispanic borrowers have no credit score, which makes it difficult for them to obtain credit at favorable rates. “There are a lot of barriers to even getting a bank account for some families, which leads them to shop on the fringes where services are much costlier than mainstream service providers and it all adds up,” she says. “So when they finally are able to get a credit card they end up using it as a safety net.”

It isn’t too big of a stretch to believe that illegal Hispanics are even more likely than their legal ethnic counterparts to carry a balance (i.e., pay interest) on their cards.

Looks like racial/ethnic profiling to me. Where’s the outrage from people who claim to want to protect the interests of those who are here illegally? Is La Raza objecting to B of A’s plans? Doubtful.